Blended Finance Accelerator for Fund Managers (A4FM)

The Accelerator for Fund Managers (A4FM) is designed to help fund and asset managers capture this opportunity. Whether you are a first-time manager or an established firm entering new markets, A4FM equips you with the tools, expertise, and partnerships to create scalable, bankable investment vehicles. The program supports institutional investors in diversifying portfolios, entering high-growth markets, and gaining early access to frontier opportunities, while building lasting capacity for blended finance.

The application process begins with a call for proposals, with information sessions held before the submission deadline. Applicants submit concept notes through an online portal, which are screened for eligibility and assessed against the evaluation criteria. All applicants are notified of the outcome by email, and shortlisted applicants are invited to submit full proposals. The Convergence team reviews these proposals against the evaluation criteria and selects the strongest for a pre-due diligence Q&A and interview, during which applicants’ management teams present their proposals and respond to questions. Shortlisted applicants then undergo full due diligence through two parallel tracks: a proposal-level review involving detailed questions, stakeholder interviews, and supporting documentation; and an applicant-level compliance review covering incorporation certificates, audited financial statements, financial models, and pitch decks. Proposals that successfully complete due diligence are submitted to the Investment Committee, a panel of independent experts, for approval or rejection. Proposals approved by the Committee are then submitted to Convergence’s Senior Management or Board for a final funding decision. Following final approval, a compliance check, and a budget review, grant agreements are executed and awardees are announced publicly.

Evaluation Criteria We evaluate eligible applications based on the following criteria: 1. Track Record and Capabilities: Organization’s relevant experience in designing and managing investment vehicles Commitment of the core team Local presence or partnerships in target markets 2. Market Opportunity and Additionality: Clear market gap and rationale for using a blended structuring approach Potential to drive capital in EMDEs and create new investable opportunities Strategic use of A4FM support and applicant’s contribution 3. Target Size and Potential to Scale: Clear capital structure and fundraising strategy Level of institutional/private capital participation Pathway to scale-up, reach target size, and replicate at scale 4. Development Impact: Clear development impact thesis and value creation lens Targets underserved communities, with gender lens Clear KPIs and use of global standards for measurement and monitoring 5. Commercial Viability and Path to Financial Close: Bankability of the structure and alignment with investors’ risk–return profiles Progress toward reaching a close and clarity on next steps Robust risk management and governance framework 6. Strategic Partnership and Stakeholder Support: Support from key internal and external partners Well-defined roles and engagement strategy for launch

Grantees must contribute a minimum of 10% of the total cost (in cash or in-kind) towards the completion of the activities

Solutions must show the potential to mobilize private capital at scale and demonstrate that the financial structure can be replicated in other markets, contributing to broader market learning and impact.

Eligibility Criteria Applicant types: Eligible applicants include fund managers, asset managers, or investment management/advisory firms working in partnership with a fund or asset manager. Applicants must intend to scope, design, launch, and/or scale a blended finance vehicle in EMDEs. We welcome both emerging adopters of blended finance and experienced practitioners, with grant types tailored to the maturity and needs of the proposed solution. Focus geography: Proposed financial vehicles must target developing markets globally as defined by the OECD-DAC List of ODA Recipients. We highly encourage vehicles that target least developed countries(LDCs) and lower middle income countries (LMICs) to apply. Focus sectors: Solutions must deliver a clear development impact (direct or indirect) by addressing one or more sustainability-aligned sectors (e.g., climate, healthcare, education, gender equality, and financial inclusion) and demonstrate a strong link to advancing gender equality. Mobilization: Solutions must show the potential to mobilize private capital at scale and demonstrate that the financial structure can be replicated in other markets, contributing to broader market learning and impact.